Gov. Dannel P. Malloy and top Democratic leaders announced a budget deal Friday that maintains many of their priorities and eliminates keno as a source of revenue.

Malloy pledged to balance the budget at a time when state tax collections are more than $450 million lower than expected. That huge drop in revenue has prompted state officials to revise the projections for the state budget surplus from more than $500 million down to $43 million for the fiscal year that ends June 30. The surplus money will be placed in the state's rainy day fund for fiscal emergencies.

Malloy did not provide a detailed explanation about the cuts needed to balance the budget, although he did talk about deferring some tax breaks.

"I don't think there's a lot of pain in the budget,'' Malloy said. "There is delaying some things. … We are going to lower taxes, but we may lower them by a month later or nine months later or six months later here and there."

Malloy said that spending will increase by 1.6 percent and that three planned tax breaks will be delayed. Republicans charge that the delays are, in effect, a tax increase.

The House of Representatives could vote on the deal as early as Saturday, but Republicans said that many voters would not be paying attention because they would be distracted by the running of the Kentucky Derby.

The deal, crafted with legislative Democrats, does not include any revenue from keno gambling, as was announced at caucuses Thursday night at the Capitol. The collapsing surplus had already prompted Malloy to drop plans for tax rebates of $55 for individuals and $110 for families that he had included in his proposed budget when it was unveiled in February. He also dropped plans to place an additional $100 million in the pension fund for state employees.

"This budget reflects our collective priorities. We are putting the people's money where it needs to appropriately be invested in education, in jobs, in support of the ill, in support of our elderly," Malloy said Friday. "I'm proud that we've done that."

When asked by reporters whether he might consider reinstating tolls, Malloy said there were no plans to do so in the short term.

Any plan to reinstate tolls would have to be linked to "extraordinary new undertakings," Malloy said, referring to adding lanes to I-95 in the far southeastern portion of the state or replacing the I-395 and I-95 exchanges. "We're years away from knowing" whether such plans might ever take place, he said.

Senate President Pro Tempore Donald Williams, the highest-ranking senator, said that legislators need to maintain perspective about the budget process.

"Let's think back, just four years,'' Williams said. "We were in the depths of the Great Recession that had hit the entire country and the state of Connecticut was $3.3 billion in debt."

Four years later, Williams said, the state has a $43 million surplus "and it may change for the better."

Despite the praise by Democrats, Republicans immediately blasted the proposal as a package with little detail that was crafted behind closed doors and never shared with Republicans.

Senate Republican leader John McKinney, who is running for governor, said that the budget has "a frightening lack of detail" that leaves questions unanswered as the plan now moves to the legislature for approval this weekend.

"What we witnessed today was: How do I get to November without the people of Connecticut knowing what's really going on?'" McKinney said of Malloy. "That's what this budget is really all about."

Although Malloy said that the budget includes no tax increases, Republicans countered that there was a tax increase because Malloy was pushing off the enactment of the sales-tax elimination on clothing and footwear by one month, which would cost consumers about $11 million collectively.

"The same promise he makes, he breaks," McKinney said.

"We've seen for 3 1/2 years all of the spin, all of the mistruths, all of the half-truths about the economy, about the budget, continue to unravel and unravel on this governor and his budget secretary," McKinney told reporters at the Capitol. "They can't keep a consistent message because the economy is unraveling around them."

McKinney added, "I'm willing to agree that the governor inherited a $3.2 [billion] to $3.6 billion budget deficit if he's willing to agree that the next governor is going to inherit his $2.7 billion deficit."

House Republican leader Larry Cafero said he was still unclear whether any money was restored to the state's Special Transportation Fund and other funds that are often "swept" to provide money for the general fund.

"If they bring this budget out on a Saturday or a Sunday, people will be preoccupied with the Kentucky Derby and won't pay attention to the details," Cafero said.

When asked about the state's projected deficit of $1.4 billion in the 2016 fiscal year, Malloy said the projections are based on expectations that do not "represent current budgeting."